Start now. If you start saving money for your children’s college education when they are young, you will have more years to save and more years for your money to earn interest. Some families save for many years to pay for college, so it is important to start saving now.

Once you’ve begun saving for your child’s college education, you’ll have to decide what kind of savings vehicle in which to put the money. There are many ways to save money for college. You could invest money in a uniform gifts to minors account, an educational IRA, EE bonds, or just accumulate money in your name that’s designed for you child’s college expenses. Another way to save money for college is 529 plans. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. If your child does not go to college, you can simply refund the money in the account to yourself, but with little penalty.

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